EnergyQuarterly March 2020

The March 2020 EnergyQuarterly report has just been released, with comprehensive Australian oil and gas data for 2019 and the December Quarter plus analysis of the latest developments. 

In the Observations Section we have  a number of articles commenting on topical issues: Did Carbon Kill the Bight? Covid-19. Is Australia a Minor Contributor to Global Emissions? Which Country Has Achieved the Biggest Emissions Reduction? Zero Net Carbon by 2050?  
Some of the statistical highlights are set out below:· 

  • The outbreak of Covid-19 is already having a major impact on the energy sector, both globally and locally. It has had an immediate impact on oil prices and spot LNG prices.  
  • There has been a dramatic fall in North Asia LNG spot prices with the Platts JKM spot price, dropping to below US$3.00/MMBtu. Lower LNG prices due to lower oil prices were already apparent in Q4 2019. The fall in spot prices also feeds through into east coast LNG netbacks.
  • East coast gas production in 2019 reached a record 1,914.2 PJ, up 5.5% yoy and increased by 6.3% qoq in Q4, up 28.7 PJ to 482.1 PJ, due to higher CSG production (up 30.8 PJ qoq).
  • The simple average of short-term east coast gas prices was $7.49/GJ in Q4, down by 25.9% from an average $10.11/GJ in Q4 2018 and down by 9.0% from the Q3 2019 average of $8.23/GJ. 
  •  Confounding predictions of its demise, east coast gas-fired generation (GPG) bounced back strongly in 2019, generating 18.0 TWh, up 15.6% yoy from 15.5 TWh in 2018 and utilising 167 PJ of gas. 
  • WA domestic gas production grew strongly to a record 415.8 PJ in 2019, up 6.4% or 25.3 PJ yoy. Production exceeded total state demand of 383.1 PJ, with an estimated 40.1 PJ of gas in storage at the end of 2019. The LNG projects (NWS, Gorgon, Wheatstone and Pluto) supplied 223.7 PJ, 9.3% of LNG production.
  • Australian LNG exports reached a record 77.3 Mt in 2019, sealing Australia’s claim as the world’s largest LNG producer.

Further infomation, including the brochure with full table of contents, can be obtained by clicking here.